The demutualisation
of Building Societies in the 1980s and 1990s feels like the great symbol of our
fatal abandonment of interdependence.
Many individuals
might have enough resources to build or buy themselves a home. Many others would not, unless what was literally
their clubbing together generated the necessary capital. Profit generated within many of those societies
was not destined to be taken out but to be furnish further loans - until it
dawned on some of those whose homes had already been built or bought that ‘terminating’
the club would mean they could have the accumulated capital for themselves in
addition to their homes - cutting off the access of others to housing loans not
inflated by the need to pay profit to bank share-holders.
Thatcherite legislation
triggered this possibility by, on one hand, enabled commercial banks to make
building loans and, on the other, Building Societies to operate as share-held commerical
Banks. So in the 1990s I twice received
an unsolicited cheques or shares simply because I had money in a Building
Society which was being demutualised. I knew
enough about why this mattered not to hold onto this dirty money but to give my
windfall away to a housing charity. But
I did not know enough to forsee everything from the loans crisis which was to
follow to the rise of ‘generation rent’.
I’ve been
thinking about all this again as I’ve continued to reflect on interdependence –
I now suspect that de-mutual is an opposite of sum-phero. I also suspect that the absence of a societal
appetite for mutuality is a symbol of the false binary of sovereignty / subjugation
which may be part of what lies behind the country’s Brexit divide – something about
which I’m preparing to talk.
And it is
also at the front of my mind because I’ve been reminded of the origins of the
co-operative movement – the modern English form of which was pioneered by Lancashire
weavers eighteen miles away in Rochdale in 1844 when they secured more
affordable groceries through a mutual society which operated without needing to
generate an owner’s profit.
Within twenty years that movement had reached here. The maps of Cross Roads in 1848 (a scatter of
hamlets) and 1910 (the hamlets were coalescing into the present village, with
the Parish Church built that year) come from the Golden Jubilee history of the
Lees and Cross Roads Co-operative Industrial Society Limited founded in 1861; clicking on either image will enlarge it.